The assets were seized Sep,2008 by the FDIC. The MBS's sold had bad loans but continue to have some degree of bad loans after the seizure. So are you saying WaMu has assets that continue to cover the loans that fail inside the outstanding MBS's? Some MBS's continue into the 2030's and up to 2040. If there is nothing left, when was there nothing left, and where is the money coming from post seizure on the small percentage of non-performing loans? Note: the issuer is not always the source of replacing bad loans within an MBS, usually, but not always. It depends how they were structured at origination.
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